Crude oil futures plunged on Thursday after the announcement of International Energy Agency to release 60 million barrels of crude oil to world markets to cover the global shortage.

Crude oil futures for August delivery declined 4.6 percent or $4.39 to $91.02 per barrel on New York Mercantile Exchange. The respective contract touched the day’s low of $89.69 per barrel.

United States plan to avail 60 million barrels of crude oil from Strategic Petroleum Reserve, inventories of which stands at 727 million barrels. IEA has taken this kind of step for the third time in its history to cover the global oil shortage. Natural gas also remained under selling pressure on Thursday as its inventories increased more than expectations.

According to the latest report of the US Energy Information Administration natural gas supplies increased by 98 billion cubic feet for the week ending June 17^th as compared to analysts’ forecasts of 87 to 91 billion cubic feet.

Natural gas futures contract for July delivery dropped 2.9 percent or $0.12 to $4.19 per million British thermal units. Heating oil futures contract for July delivery slipped 5.9 percent or $0.17 to $2.78 per gallon. Gasoline futures contract for July delivery declined 4.6 percent or $0.14 to $2.84 per gallon.